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Penfold's Paints uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2021 Cost Inventory,

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Penfold's Paints uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2021 Cost Inventory, January 1 Purchases Net markups Net markdowns Net sales Inventory, December 31 Retail $ 65,000 270,000 3,600 2,100 260,000 $55,080 Required: Compute the cost-to-retail percentage used by Penfold's Paints. Cost-to-retail percentage

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